Will This Startup Beat Tech Giants to the First Viable Quantum Computer?

2024: The Year Quantum Computing Became Mainstream

Looking back over the past 12 months, 2024 will surely go down as the year quantum computing truly leapt off the whiteboard and onto the world stage. We’ve witnessed spectacular accomplishments, from Oxford Ionics smashing qubit fidelity records to Google announcing a quantum error-correction breakthrough that drove a multibillion-dollar surge in market capitalization in mere hours. Demand for early quantum systems is also exploding, and as multiple governments ramped up export controls in 2024, it’s evident that quantum computing is now a strategic geopolitical priority.

Collectively, these milestones point to one thing: market-ready quantum computers are closer than ever. It’s no longer a question of “if” but rather “when.” The fundamentals have been nailed down. Yes, we can build quantum machines that actually work, so now the challenge is about scaling. Bigger, better, and more robust systems need to move from the lab into real-world environments.

That’s a tall order, but it’s one that UK Startup Oxford Ionics understands. The era of purely experimental tinkering is over. The world is now in a race to get to the world’s most powerful quantum computer, capable of solving real world problems. And based on Oxford Ionics’ achievements this year, it has put them in pole position.

From Startup to Scale Up

Oxford Ionics was co-founded in 2019 by Dr. Tom Harty and Dr. Chris Ballance who both hold world records in quantum breakthroughs. The team includes 55 global experts across physics, quantum architecture, engineering and software and expects to triple headcount over the next three years as the business scales internationally. Oxford Ionics has raised £37 million to date with investors including Braavos, OSE, Lansdowne Partners, Prosus Ventures, 2xN, and Hermann Hauser (founder of chip giant ARM). Oxford Ionics has an R&D partnership with Infineon Technologies AG.

Leading the Pack in Quantum Power and Performance

Oxford Ionics kicked off 2024 with two quantum computers up and running in their labs. By year’s end, they had four fully operational systems in-house, plus a fifth set for delivery to the UK’s National Quantum Computing Centre (NQCC) in March 2025. But it wasn’t just about churning out more hardware; Oxford Ionics also proved their platform is the highest-performing in the world.

In quantum computing, there are three “super metrics” that define power and performance:

Throughout 2024, Oxford Ionics broke records in all three areas, consistently hitting those marks with minimal cross-talk errors, an absolute must for building larger-scale systems with bigger qubit counts in the years ahead.

$20M in System Sales: The Market Has Spoken

In 2024, commercial momentum grew just as fast as the technology. Oxford Ionics racked up two system sales totaling $20 million. In February, they sold a system called Quartet to the NQCC, where it’ll be used for everything from academic research to industry applications and government projects.

By September, Oxford Ionics had also sold one of their mobile product lines to Germany’s Agency for Cyber Innovation (Cyberagentur). This compact, easily upgraded system will help Cyberagentur plan security and defense scenarios.

Beyond hardware, Oxford Ionics landed multiple R&D contracts with key industry players—most notably a partnership with Quanscient and Airbus to explore fluid dynamics modeling on quantum hardware. These deals are significant market validation: the Oxford Ionics approach works, and now they’re on track to deploy quantum systems directly at customer sites as early as 2025.

A Rapidly Growing International Team

To keep pace with 2024’s exciting progress, the Oxford Ionics team has been scaling up fast. They’re now 65+ strong, adding new talent in business development, marketing, project management, and trap design, while also expanding core technology teams in Quantum Infrastructure, Quantum Science & Engineering, and Software Development. A highlight of these hires is Chris Goodings, who joined as VP of Engineering in October with a proven track record of delivering disruptive tech at scale.

Oxford Ionics also opened their first international office in Boulder, Colorado, tapping into the wealth of U.S. talent and deepening ties with American customers.

What’s Next?

Moving into the new year, Oxford Ionics plans to build on this tremendous momentum, focusing on commercializing their technology and delivering scalable, high-performance quantum computers to clients. On the R&D front, they’re laser-focused on their ambitious roadmap toward utility-scale quantum computing, racing to bring the world’s most powerful systems to market first.

From day one, Oxford Ionics embraced the toughest challenges to ensure real-world value for their customers. That guiding principle remains at the heart of their work, and as 2025 approaches, they’re poised to keep pushing the boundaries of what’s possible in quantum computing.

Dominik Andrzejczuk

Polish American Venture Capitalist